A FinTech startup has raised £5.4 million in seed funding to modernise business payments.
London-based Payable, founded by former Checkout figures Daniel Yubi and Raz Musca, is eyeing a launch of its platform via integration with UK banks then expansion to other European markets.
Dealing with an array of payment methods and software tools, many finance teams find themselves working inefficiently and unduly stressed, says Payable.
The startup aims to streamline payment operations and automate business bank transfers for the internet economy.
“It is one of those problems you don’t notice until you are working directly with the finance operations team and see their challenges firsthand,” said Yubi. “We literally watched them use a spreadsheet with one hand to count payments and cash with a bank file on the other hand to manually send money to their customers.
“It was both inefficient and antiquated. Once we saw the problem, we knew there had to be a better way and became determined to create it.”
The round was co-led by CRV and Earlybird Venture Capital with participation from Conversion Capital, Clocktower Ventures, and angel investors including Francesco Simoneschi CEO of TrueLayer, Hristo Borisov CEO of Payhawk, Nik Milanović founder of This Week in FinTech and the FinTech fund, Bitpanda founders, Dileep Thazhmon CEO of Jeeves, and many other founders and operators in the space.
Payable solves payment reconciliation for companies’ data-matching products and integrating with corporate bank accounts. It provides both an API and a dashboard that enables marketplaces, lenders and FinTechs to manage money movement from a single interface.
Yubi continued: “Today, it is easy to accept payments but to understand where money is, it is quite difficult.
“The vision we have for Payable is that any product manager in a company is empowered to launch a new FinTech product, a product that ‘moves money’ without freaking out their finance team.”
James Green, partner at CRV, added: “What excited us most about investing in Payable is that Daniel understands the core problem fintechs struggle with and have created a platform that can automate the entire payment lifecycle.
“We have tremendous confidence in their ability to deliver on their mission as they have assembled a team with similar backgrounds coming from companies such as Curve, TrueLayer, 11FS and Stripe.”